June 18, 2024

Banking giant Standard Chartered joins Enterprise Ethereum Alliance

Banking giant Standard Chartered joins Enterprise Ethereum Alliance

British banking giant Standard Chartered has joined the Enterprise Ethereum Alliance. As an alliance member, StandardChartered will be able to collaborate with other industry leaders to improve the effectiveness of blockchain solutions in the banking sector.

Other banking giants such as JPMorganING, Citi and the Spanish banking group BBVA are already part of the Alliance, along with 100 other organizations. The EEA is committed to driving the use of the Ethereum blockchain as an open standard to empower enterprises. In turn, Standard Chartered views blockchain as “a central element of banking and commerce in the digital age, so transactions can be verified, secured and processed in real time.”

This is not the first blockchain initiative of StandardChartered. The bank is one of the founders of the trading platform on the Voltron blockchain and has recently completed its first international transaction on a letter of credit (LC) on a platform for the oil industry.

Standard Chartered is among the companies investing in the Ripple project and is also involved in creating blockchain-based supply chain finance solutions with Linklogis, a Chinese company.